Hey guys,
Quick question.
I'm 29 and currently own a number of bedsits which I rent out in the U.K. Im mainly in China however still manage the properties myself via making phone calls basically. (handyman / electrician etc).
From these I make a fairly good passive income. Obviously I have other income from my work and side businesses too.
Now by my calculations. If I continue to save from my property income and other income and reinvest in property by the age of 40 (11 years from now) I will have a passive income of 50,000 pounds ($65,000) a year from my property business.
Now obviously $65,000 a year for doing pretty much nothing is great. But am I doing this the wrong way? I mean yes at 40 years old Ill still be young (I think its young anyway) and still have plenty of time to enjoy life. $65,000 is great passive income but.......Its comfortable money isn't it. Its not FU money.....
Now using my save and reinvest over 11 years method is 95% guaranteed. I know a lot about property. It wouldn't involve take big risks at all and its all a matter of maths and time. But....its boring, and I don't feel its in the Fastlane category.
So I guess basically what Im asking is if you were me would you continue with my plan and aim for $65,000 a year passive income (from my property business) by age 40 in 11 years or would you risk it and take bigger risks with the money saved each year. The advantage of this method could be that I could have ALOT more than $65k a year income by age 40. For example I was considering getting into importing from china to the UK and make a business like Vigilante who seems to be extremely successful. However the fact is, not everyone can become a vigilante, sometimes it just doesn't work and I could waste 10 years of savings and not become successful with this.
So what would you do in my situation?
-Play it safe. Save, invest for 10 years and have 'comfortable passive income' which is an most 99% guarantee.
or
-Gamble - Don't invest in boring property for the next 10 years. Experiment with importing or other business opportunities that can bring in 'mega bucks' but also have a higher chance of failing (don't know the percent / chance of success in this)
Honest answers please
Quick question.
I'm 29 and currently own a number of bedsits which I rent out in the U.K. Im mainly in China however still manage the properties myself via making phone calls basically. (handyman / electrician etc).
From these I make a fairly good passive income. Obviously I have other income from my work and side businesses too.
Now by my calculations. If I continue to save from my property income and other income and reinvest in property by the age of 40 (11 years from now) I will have a passive income of 50,000 pounds ($65,000) a year from my property business.
Now obviously $65,000 a year for doing pretty much nothing is great. But am I doing this the wrong way? I mean yes at 40 years old Ill still be young (I think its young anyway) and still have plenty of time to enjoy life. $65,000 is great passive income but.......Its comfortable money isn't it. Its not FU money.....
Now using my save and reinvest over 11 years method is 95% guaranteed. I know a lot about property. It wouldn't involve take big risks at all and its all a matter of maths and time. But....its boring, and I don't feel its in the Fastlane category.
So I guess basically what Im asking is if you were me would you continue with my plan and aim for $65,000 a year passive income (from my property business) by age 40 in 11 years or would you risk it and take bigger risks with the money saved each year. The advantage of this method could be that I could have ALOT more than $65k a year income by age 40. For example I was considering getting into importing from china to the UK and make a business like Vigilante who seems to be extremely successful. However the fact is, not everyone can become a vigilante, sometimes it just doesn't work and I could waste 10 years of savings and not become successful with this.
So what would you do in my situation?
-Play it safe. Save, invest for 10 years and have 'comfortable passive income' which is an most 99% guarantee.
or
-Gamble - Don't invest in boring property for the next 10 years. Experiment with importing or other business opportunities that can bring in 'mega bucks' but also have a higher chance of failing (don't know the percent / chance of success in this)
Honest answers please
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